Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) Q4 2022 Earnings Conference Call February 22, 2023 11:00 AM ET
Company Participants
Raul Revuelta - Chief Executive Officer
Saul Villarreal - Chief Financial Officer
Conference Call Participants
Guilherme Mendes - JPMorgan
Rodolfo Ramos - Bradesco BBI
Alberto Valerio - UBS
Anton Mortenkotter - GBM
Pablo Monsivais - Barclays
Gabriel Himelfarb - Scotiabank
Operator
Good day, everyone, and welcome to our Conference Call Fourth Quarter 2022. At this time, all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call may be recorded and I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to CEO, Raul Revuelta. Please go ahead.
Raul Revuelta
Thank you. Good morning everybody. And thank you for joining us today during 2022. I’m happy to report that GAP hit previous records on all firms, making this year the magnificent one in our trajectory.
Total revenues were up by 57% compared to 2019, supported by continued passenger traffic growth and a strong commercial revenue increase. Throughout the year, we transported almost 57 million passengers, a 60.4% increase over 2019. With this figure, GAP was position has the largest airport operator in Mexico for the third consecutive year, representing approximately 31% of the total market. This performance was mainly driven by the growth of the Tijuana, Los Cabos and Puerto Vallarta airports, which was outstanding.
Likewise, Guadalajara finally seen returned to 2019 levels. In Jamaica, passenger traffic also showed strong signs of recovery compared to 2019. If you recall, passenger traffic numbers were deeply impacted by the COVID-related government imposed travel restrictions, which were very severe and delay the recovery in that country. We continue to work closely with airlines, seeking to secure additional routes and frequencies. During the first quarter, GAP added 12 new international routes and four domestic routes.
On February 15th, the airline Aeromar announced the suspension of operations for financial reasons and their difficulty in closing the agreements to operate in the long-term under viable conditions. Aeromar operated only in the airport of Guadalajara, Puerto Vallarta, and Aguascalientes without specific routes, representing 0.23% of total passenger traffic at our Mexican airports.
Moving on to our revenue performance, excluding IFRS 12, during 2022 we reached revenue of MXN22.5 billion. Aeronautical revenues increased by almost 65% versus 2019 rather than merely by passengers traffic growth, as well as increased maximum tariff inflation.